Bitcoin (BTC) Price Prediction: Will the King of Crypto Break $100K This Week?

Bitcoin and other altcoins remained under pressure on Wednesday after ADP released a stronger-than-expected private payrolls report.

Bitcoin and major cryptocurrencies remained largely flat on Wednesday, showing little movement ahead of key U.S. employment data that could influence the Federal Reserve’s monetary policy path.

Bitcoin (BTC) was trading around $98,600 early Wednesday, showing a 0.2% loss over the past 24 hours. However BTC was up about 1.5% over the past seven days.

Major cryptocurrency no. 2, Ethereum (ETH), was also largely flat, showing a 0.03% gain over the past 24 hours to trade at $3,300. However, ETH was up about 10% over the past seven days.

Other major cryptocurrencies also showed little price movement, with Solana (SOL) showing a 0.2% loss and Binance Coin (BNB) showing a 0.1% gain.

Overall, the crypto market was trading in a tight range on Wednesday, with total cryptocurrency market showing a 0.1% loss over the past 24 hours to stand at $4.3 trillion, according to CoinGecko. However, the total crypto market cap was up about 3.2% over the past seven days.

Bitcoin and major cryptocurrencies showed limited price movement on Wednesday ahead of the ADP private payrolls report, which is closely watched by investors for insights into the U.S. labor market.

According to ADP, the U.S. economy added 183,000 jobs in January, which is higher than the forecast of 148,000 and December’s 176,000.

The ADP report comes just two days ahead of the Bureau of Labor Statistics’ official nonfarm payrolls report, which is expected to show that the U.S. economy created 154,000 jobs in January, down from 256,000 the previous month.

U.S. employment data is closely watched by cryptocurrency and stock market investors because it plays a key role in the Federal Reserve’s dual mandate—maintaining stable inflation and ensuring maximum employment.

A strong labor market suggests the Fed may keep interest rates higher for longer, as inflation remains above the 2% target. While the central bank has signaled two rate cuts this year, robust job growth could delay this timeline.

Bitcoin and other altcoins are also reacting to ongoing U.S.-China trade negotiations. The U.S. has already paused tariffs on Mexico and Canada, helping to halt Monday’s sell-off in the crypto industry.

Crypto technicals points to more gains for Bitcoin, major altcoins

Technicals suggest that Bitcoin price is set for another leg up, which will drive other major altcoins higher.

The weekly chart shows that Bitcoin formed a cup-and-handle pattern. It completed that formation in November and made a strong bullish breakout, reaching to a record high of $109,200.

Bitcoin is now forming a bullish flag chart pattern, comprising of a long vertical line and a rectangular consolidation. It has also remained slightly above the 50-day moving average and the ascending trendline that connects the lowest swings since October 2023.

If Bitcoin breaks above the upper boundary of the bullish flag pattern, it could trigger a strong rally, potentially pushing the price toward $120,000. Given Bitcoin’s influence on the broader crypto market, many altcoins would likely follow suit.